The statistics don’t lie. Generation Z has a much tougher time putting together what previous generations have taken for granted: middle class prosperity and raising a family. From Jeffrey Tucker at The Epoch Times via zerohedge.com:
The generation of young people just starting out in their careers faces an uphill battle unlike anything confronted by their parents and grandparents.
For them, the promise of the American Dream is elusive at best.
Everything is more expensive. The job market is frozen for pay for which they were hoping. Industry is changing so fast that educational credentials are ever less valuable.
There is real panic in the air among them, which is why so many have turned to substance abuse and far-flung hopes of making it rich in crypto or the influencer economy.
A new survey on the expenses faced by this generation has appeared that frames it up in alarming terms.
Over 20 years from 2005 to 2025, the cost of all essentials has soared:
- Housing (rent) is up 120 percent.
- Transportation is up 86 percent.
- Education is up 133 percent.
- Groceries are up 79 percent.
- Entertainment is up 100 percent.
- Utilities are up 53 percent.
- Time to save for house down payment has gone from 8 to 14 years.
- The average student debt burden has moved from $20K to $30K.
- The real increase in salaries is 12 percent.
- Health insurance these days is a killer of living standards, averaging $27,000 from the business side and that’s without using it.
- Housing ownership seems largely out of the question.
Can’t even afford a decent pair of used shoes.
Beat up pairs are going for fifty bucks.
Got hiking boots and sneakers for $20 each and they lasted a long time.